Tag: financial crime

Written by FinCrime

US Treasury proposes long-overdue rule to bolster and modernize anti-laundering regime

Reported by Brett Wolf  The anti-money laundering unit of the United States Treasury Department recently began a long-delayed rulemaking process to “strengthen and modernize” financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs by issuing a proposal which, among other things, would make risk assessments mandatory and require integration of national AML/CFT […]

Written by FinCrime

Defending Against AI Scams: A Guide for Retirees

Reported by Jason Branning, CFP, RICP Retirees need to be aware of emerging threats from the stories that are transmitted through various technologies. These threats could impact online security and gain access to your bank savings or investment accounts. Understanding that there are trapdoors that can be accessed or exploited through the technology is widely […]

Written by FinCrime

Job scams surged 118% in 2023, aided by AI. Here’s how to stop them

Reported by Greg Iacurci Employment scams surged last year, as criminals leveraged artificial intelligence to steal money and personal information from unsuspecting job seekers, experts said. Consumer reports of job scams jumped 118% in 2023 from the prior year, according to a recent report by the Identity Theft Resource Center. Thieves generally pose as recruiters and post fake job listings to […]

Written by FinCrime

Hong Kong Fines DBS Bank $1.3 Mn For Money-laundering Breaches

Reported by AFP – Agence France Presse The Hong Kong Monetary Authority fined the local arm of Singapore’s DBS Bank HK$10 million ($1.3 million) for breaches of its anti-money laundering law, the banking regulator said on Friday. The HKMA said the bank failed to “continuously monitor business relationships and conduct enhanced due diligence in high […]

Written by FinCrime

Danish Police Charges Nordea in Money-Laundering Case

Reported by Leo Laikola and Sara Sjolin Danish police has filed charges against Nordea Bank Abp, in what its National Special Crime Unit says is the biggest money laundering case in the country to date.  The unit, which launched court proceedings after investigating the lender’s anti-money laundering controls in the 2012 to 2015 period, said that the case […]

Written by FinCrime

Operation Fortune Runner: Sinaloa-Chinese Money Laundering Scheme

Reported by FinCrime Do you want to learn how the Sinaloa cartel in Los Angeles conspired with Chinese underground banking groups to launder funds? Below is an excerpt of the Federal indictment that charged 24 people linked to the organizations following a multi-year investigation dubbed “Operation Fortune Runner,” which unveiled sophisticated methods used by the cartel […]